GST News

54,439 appreciation certificates given to taxpayers on eve of completion of 4 years of GST

26 July 2021 at 22:01

GoI has awarded Appreciation Certificates, on the eve of completion of 4 years of GST, to 54,439 taxpayers who have made substantial contribution in payment of GST and filed their returns in a timely manner.

Posted in GST | 2478 Views

Clarification regarding extension of limitation under GST Law in terms of SC's Order dated 27th April 2021

24 July 2021 at 06:00

The Government had issued notifications under Section 168A of the CGST Act, 2017, wherein the time limit for completion of various actions, by any authority or by any person, under the CGST Act, which falls during the specified period, had been extended.

Posted in GST | 2868 Views

Filing of Annual returns by composition taxpayers - Negative Liability in GSTR-4

23 July 2021 at 06:27

If there is no liability to be paid during the year, the liability paid through Form GST CMP-08 shall move to negative liability statement and the same excess amount can be utilised to pay the liability of future tax periods.

Posted in GST | 2 comments | 9216 Views

GST Compensation dues paid to all States for FY 2020-21 and 2021-22

19 July 2021 at 22:06

GST compensation of Rs. 91,000 crore has been released to all States/ UTs to partly meet the compensation payable for the period April’20 to March’21 as the amount in GST Compensation Fund was not adequate to meet the full compensation requirement.

Posted in GST | 2460 Views

Centre releases Rs 75,000 crore to States and UTs as GST compensation shortfall

15 July 2021 at 19:55

Ministry of Finance has released Rs 75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation. Almost 50 % of the total shortfall for the entire year released in a single instalment.

Posted in GST | 1842 Views

GST officials booked 8000 cases involving fake ITC of over Rs 35K crore in FY 2020-21

13 July 2021 at 20:41

During the FY, 426 persons including 14 professionals such as CAs, Lawyers and masterminds, beneficiaries, directors etc. were arrested. Moreover, a nation-wide special drive against the fake GST invoice was launched w.e.f. 9th November 2020.

Posted in GST | 3294 Views

Delhi Government specifies the Format/Schema for e-Invoice under GST

13 July 2021 at 05:55

E-invoicing involves the submission of an already generated standard invoice on a common e-invoice portal. In this regard, the Delhi Government has specified a Format/Scheme for e-invoice under GST.

Posted in GST | 2685 Views

CGST officials bust network of 23 firms for claiming ITC of Rs 91 crore

11 July 2021 at 16:04

Based upon specific intelligence, the officers of the Anti Evasion branch of CGST Commissionerate, Delhi (West) have unearthed a case of availment/utilization and passing on of inadmissible ITC through goods less invoices of Rs 91 crore (approx).

Posted in GST | 3846 Views

Upcoming functionalities to be deployed on GST Portal for the Taxpayers in the month of July, 2021

09 July 2021 at 19:05

Upcoming functionalities w.r.t Timelines for filing of Form GST REG-21, Information regarding late fee payable provided in Form GSTR-10 and Auto-population of data in Form GSTR-11 that will be deployed on the GST Portal.

Posted in GST | 1 comments | 5487 Views

New Functionalities made available for Taxpayers on GST Portal - June, 2021

09 July 2021 at 19:04

New Functionalities pertaining to modules of Registration, Refund and Ledgers made available for Taxpayers on the GST Portal for the m/o June 2021 has been mentioned here.

Posted in GST | 6555 Views